Coupon advertising takes North America by storm for a good reason.
Strategies incorporating regular use of coupons pull in steady sales leads and new purchasing customers.
Business owners and marketing departments deploy large amounts of coupons because:
- Coupons open your business up to customers from a wider geographic expanse. Simply put, shoppers will take trains, planes and automobiles to use a valuable coupon.
- There is no better way to encourage your competitions customers to make the move. Good coupons are proven to disrupt a consumer’s habitual purchasing patterns.
- Consumers who relocate to your region are apt to be in the market for your products and can easily be attracted by your coupon
- Magically bring old customers back for more. Whether your customer has gone to the competition or just taken a break, give them a good reason to start buying from you again.
- Bring people in with a coupon for 1 item and the opportunity to sell them additional items and increased profits. This of this as a loss leader, when customers buy additional items they do so at your highest profits margin.
This also places you in a position to up-sell your customer to higher priced, higher profit items which would not have been a possibility without the coupon.
- Driving customers into your store can lead to impulse shopping for other items.
- Coupons can be tracked and measured. No other form of promotion offers measurability to this degree. Success is easily determined by the number of coupons redeemed. Using this information will help you improve future campaigns.
It is important to test all types of offers as this will help you determine which campaigns are giving you the best results. Your profits are dependent on how successful you can make your campaigns.
Best Practices for coupons:
- Discount Offers…“60% Off!”vs “$40.00 Off!”, you are likely to have more success with a specific dollar off coupon vs percentage off. If you use a percentage off discount ensure the percentage is high and your audience knows the true value of what you are selling.
- Bonus Offers… “Free Chips When You Buy a Sub”,”Buy-One/Get-One Free!”, or “3 Free with Each Box Purchased!”, etc.
- Premium Offers…Trial orders, presentations, subscriptions, referral, demonstrations, for orders valued at $x or greater, etc.
- Free Info…“Pamphlet, brochure, sample, estimate, trial, details, consultation, quote, etc.”
- “Save $40.00 on Any Flatscreen Television….This Month Only!”
- “FREE BROCHURE…’Weight loss tips for busy executives!”
- “Free Catalogue Saves YOU 60% on Car Accessories!”
- “Buy One Desert Tray–Get One FREE!”
- “Buy Three Opening Night Passes–Get the Fourth Pass Absolutely Free!”
- A picture says a thousand words.
- Illustrations work best for showing products in-use.
- They enhance credibility, help understanding, and create desire.
- Create an autoresponder or regular mailing to your customer list.
- Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyers, preferred customer sales and discounts, customer appreciation events, more coupons. Keep your customers coming back to YOU!